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Home»EXCHANGE NEWS»If Solana fails to overcome this hurdle, the SOL price recovery could soon disappear.
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If Solana fails to overcome this hurdle, the SOL price recovery could soon disappear.

By Crypto FlexsJanuary 26, 20243 Mins Read
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If Solana fails to overcome this hurdle, the SOL price recovery could soon disappear.
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Solana is attempting a recovery in the $80 region. SOL price may struggle to clear the $92 and $94 resistance levels in the near term.

  • SOL price started a new decline from the $104 resistance against the US dollar.
  • The price is currently trading below $95 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the SOL/USD pair, a breakout occurred above the main bearish trendline with resistance at $85.00 (data source from Kraken).
  • Failure to clear the $92 or $94 resistance levels could start another downtrend for the currency pair.

Solana Price Faces Major Hurdle

Solana price, like Bitcoin, began a new downtrend and was trading below the $95 support zone. There was a clear move below the $92 and $90 support levels.

Finally, SOL price found support near $79. A low was made near $78.96 and the price is currently attempting an Ethereum-like recovery. There was a move above the $84 resistance line. The price broke above the 23.6% Fib retracement level of the downward move from the $103.40 swing high to the $78.96 low.

Moreover, on the 4-hours chart of the SOL/USD pair, there was a break above the main bearish trend line at $85.00, which is the resistance level. It is currently trading below $95 and the 100 simple moving average (4-hours).

Immediate resistance is near the $91.20 level. This is close to the 50% Fib retracement level of the downward move from the $103.40 swing high to the $78.96 low. The first major resistance is near the $94 level or the 100-hours SMA.

Source: SOLUSD on TradingView.com

Key resistance is currently near $98. A successful close of the $98 resistance level could set the pace for another big rally. The next major resistance is near $112. Any more profits could push the price down to the $120 level.

Another drop in SOL?

If SOL fails to rebound above the $91.20 resistance, it could begin another downtrend. Initial support for the downside is near the $84.80 level.

The first major support is near the $80.00 level, below which the price may test $75.00. If the price closes below the $68 support, the price may decline towards the $72.50 support in the near term.

technical indicators

4-Hour MACD – The MACD for SOL/USD is picking up speed in bearish territory.

4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Key support levels – $84.80 and $80.00.

Key resistance levels – $91.20, $94.00, $98.00.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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